Nigeria is refusing to honour a ruling by UK-based judges on a failed gas project. The African nation is right to fight $9 bln arbitration claim, edwardcropley writes:
Nigeria will do “whatever it takes” to protect its economy from a $9 billion arbitration award granted to Process and Industrial Developments Ltd over a failed gas project, senior government officials said on Sept. 23.
A London judge in August granted the little-known British Virgin Islands-registered company the right to recover its claim by seizing Nigerian government assets. Attorney General Abubakar Malami told Reuters Breakingviews on Sept. 23 the contract with P&ID, founded by two Irishmen, one of whom is now dead, was fraudulent and designed to fail. He argued that this rendered the arbitration ruling irrelevant. A website called ‘P&ID Facts’ says the contract was genuine and legitimate.
The initial arbitration ruling against Nigeria by judges in London in 2017 awarded P&ID $6.6 billion. The government missed the 28-day deadline to appeal that decision. Since that ruling, interest charges have increased the size of the award to more than $9 billion.
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